SAN FRANCISCO - Municipal bond issuers that have swaps with Lehman Brothers or related entities are preparing for termination.

Issuers, including the state of New York and a variety of others nationwide, face mandatory termination of swaps with Lehman Brothers Derivative Products Inc. today. Issuers such as San Francisco International Airport and the East Bay Municipal Utility District have swaps with Lehman Brothers Special Financing, which are subject to optional termination.

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